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Seplat Energy PLC on Thursday saw its share rise as it noted a ‘robust’ interim performance driven by production growth. The Nigeria-focused energy supplier said revenue multiplied to $2.18 billion for the nine months to September 30, from $715.3 million a year before. Pretax profit more than doubled to $570.1 million from $245.0 million. Shares in the company rose 2.4% to 307.21 pence on Thursday afternoon in London. The company said the average realised oil price for the period was $71.93, down from $82.89. Seplat Energy said onshore production was up 16% to 55,299 barrels of oil equivalent per day from 47,525 barrels, driven by ‘good performance’ of new onstream wells, sustained gas production from the Western assets and production growth in OML 53. Offshore production was down 2.5% quarter-on-quarter at 81,669 barrels of oil equivalent per day, after continued ‘strong performance’ of the idle well programme was offset by planned downtime on the East Area Project gas processing plants, according to the company. Seplat Energy noted an operating incident on September 13 at the Oben Gas plant, resulting in an injury to the hand of one site personnel. There was a fire on the Yoho production platform with no injuries recorded on September 27. Seplat Energy said the impact on operations was factored into its updated 2025 production guidance. Describing its full-year outlook, Seplat Energy narrowed production guidance to 130,000-140,000 barrels of oil equivalent per day from 120,000-140,000 barrels guided previously. Unit production operating cost guidance was unchanged at $14.0-$15.0 per barrel of oil equivalent. Seplat Energy declared an interim dividend of 5 US cents per share, up from its first and second quarter dividend of 4.6 US cents per share. The company also declared a special dividend of 2.5 US cents per ordinary share. Chief Executive Roger Brown said: ‘At our CMD in September, we set out our medium term vision for the company, targeting 200,000 barrels of oil equivalent working interest production and $1 billion in cumulative dividends in our roadmap to 2030.’ ‘We have continued the momentum into the final quarter of the year, making substantial progress in the past few days to ending routine flaring onshore, a commitment we have made for 4Q 2025, and we expect to complete the PIA conversion process for our onshore business imminently, which will further support the delivery of our ambitious 2030 roadmap laid out at the CMD,’ Brown added. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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